Approved gratuity fund provisions remain deductible despite general actual-payment requirements, preventing revision of the allowed gratuity deduction...
Verification of intangible software expenditure and duplicated disallowances requires record-based reassessment before depreciation and income computa...
Cash receipt aggregation requires a single transaction, event or occasion; separate partner capital contributions cannot attract cash-receipt penaltie...
Capital-gains computation on the sale of unquoted shares requires reliable evidence establishing the cost of acquisition attributable to the specific shares transferred. A claim that sale consideration merely recovers acquisition cost must be supported by primary acquisition and transfer records, together with a substantiated scrip-wise or company-wise reconciliation linking the shares sold to their cost. Ledger extracts and unsupported reconciliation entries do not establish that cost. Purchaser identity or creditworthiness is irrelevant where the addition concerns capital gains rather than unexplained credits. Failure to substantiate acquisition cost permits the Assessing Officer's long-term capital-gain computation to stand.
Capital-gains computation on the sale of unquoted shares requires reliable evidence establishing the cost of acquisition attributable to the specific shares transferred. A claim that sale consideration merely recovers acquisition cost must be supported by primary acquisition and transfer records, together with a substantiated scrip-wise or company-wise reconciliation linking the shares sold to their cost. Ledger extracts and unsupported reconciliation entries do not establish that cost. Purchaser identity or creditworthiness is irrelevant where the addition concerns capital gains rather than unexplained credits. Failure to substantiate acquisition cost permits the Assessing Officer's long-term capital-gain computation to stand.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4925 
